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North Wells JV Acquires River North Loft Offices from McCaffery
North Wells Capital has formed a joint venture with Skydeck Capital to acquire 720 N. Franklin St., a five story, 47,000-square-foot building in River North, from McCaffery Interests, which has owned and managed the property since 1999. The building was originally constructed in 1925 for industrial use and was subsequently renovated for contemporary retail and office use.
“This acquisition is an affirmation of our continued commitment to commercial office and the River North neighborhood,” said River North CEO Jim Fox. North Wells has hired Urban Innovations to provide property management and leasing services for the newly acquired asset.
With this latest acquisition, North Wells’ portfolio of commercial buildings in River North now exceeds 700,000 square feet. This brick-and-timber loft building is of the same vintage as many of North Wells’ current assets and is immediately adjacent to the company’s three-tiered development project VERSO.
- ◦Sale/Acquisition
